Royal Bank of Canada (NYSE:RY) Declares Quarterly Dividend of $1.00

Posted by Adam Dyson on May 26th, 2023

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) announced a quarterly dividend on Thursday, May 25th, Zacks reports. Investors of record on Wednesday, July 26th will be paid a dividend of 0.996 per share by the financial services provider on Thursday, August 24th. This represents a $3.98 annualized dividend and a dividend yield of 4.47%. The ex-dividend date is Tuesday, July 25th. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $0.99.

Royal Bank of Canada has increased its dividend by an average of 7.1% per year over the last three years. Royal Bank of Canada has a dividend payout ratio of 42.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Royal Bank of Canada to earn $9.27 per share next year, which means the company should continue to be able to cover its $3.93 annual dividend with an expected future payout ratio of 42.4%.

Royal Bank of Canada Price Performance

Shares of RY opened at $89.10 on Friday. The company has a market capitalization of $123.91 billion, a P/E ratio of 11.07, a price-to-earnings-growth ratio of 1.62 and a beta of 0.82. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.11. The firm has a 50 day moving average of $96.24 and a 200 day moving average of $97.92. Royal Bank of Canada has a twelve month low of $83.63 and a twelve month high of $106.43.

Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) last announced its quarterly earnings results on Wednesday, March 1st. The financial services provider reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.17 by $0.09. Royal Bank of Canada had a net margin of 18.77% and a return on equity of 16.17%. The company had revenue of $11.21 billion during the quarter, compared to the consensus estimate of $9.67 billion. As a group, equities research analysts anticipate that Royal Bank of Canada will post 8.62 earnings per share for the current fiscal year.

Analyst Ratings Changes

RY has been the subject of a number of research reports. Barclays cut Royal Bank of Canada from an “overweight” rating to an “underweight” rating in a research report on Tuesday, May 9th. CIBC cut Royal Bank of Canada from a “sector outperform” rating to a “neutral” rating in a research report on Tuesday, May 16th. Desjardins raised their price objective on Royal Bank of Canada from C$145.00 to C$147.00 in a research note on Tuesday, February 7th. Finally, StockNews.com started coverage on shares of Royal Bank of Canada in a report on Thursday, May 18th. They set a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $138.33.

Hedge Funds Weigh In On Royal Bank of Canada

Institutional investors have recently bought and sold shares of the stock. Money Concepts Capital Corp bought a new position in shares of Royal Bank of Canada during the 4th quarter valued at approximately $38,000. Ancora Advisors LLC bought a new position in shares of Royal Bank of Canada in the 4th quarter valued at about $85,000. BNP Paribas Arbitrage SNC increased its stake in Royal Bank of Canada by 13.9% during the first quarter. BNP Paribas Arbitrage SNC now owns 1,640 shares of the financial services provider’s stock worth $157,000 after acquiring an additional 200 shares during the last quarter. International Assets Investment Management LLC raised its position in Royal Bank of Canada by 1.1% during the first quarter. International Assets Investment Management LLC now owns 17,458 shares of the financial services provider’s stock valued at $158,000 after purchasing an additional 188 shares during the period. Finally, Fiduciary Group LLC purchased a new position in shares of Royal Bank of Canada in the 1st quarter worth approximately $207,000. 41.19% of the stock is owned by hedge funds and other institutional investors.

About Royal Bank of Canada

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Royal Bank of Canada engages in the provision of banking and financial solutions. It operates through the following segments: Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, Capital Markets, and Corporate Support. The Personal and Commercial Banking segment deals with a broad suite of financial products and services in Canada.